The greenback is appreciating vs. its northern neighbour on Tuesday, pushing USD/CAD to the upper-1.2400s.
USD/CAD rebounds from 1.2440
The pair was able to revert the initial drop to the 1.2440 area following the offered tone in the greenback that prevailed throughout the Asian session. Later on during the European morning, a rally in the US 10-year yields (surpassing the 2.0% level) gave extra legs to the greenback, pushing spot to the 1.2500 neighbourhood.
Absent data in Canada, the NFIB Business Optimism Index and Wholesale Inventories in the US economy will be the main releases today.
USD/CAD levels to consider
At the moment the pair is gaining 0.18% at 1.2489 with the next resistance at 1.2546 (high Feb.6) would aim for 1.2585 (high Feb.5) and finally 1.2591 (high Feb.4). On the other hand, a breach of 1.2428 (low Feb.9) would open the door to 1.2394 (low Feb.5) followed by 1.2390 (low Feb.4).
USD/CAD rebounds from 1.2440
The pair was able to revert the initial drop to the 1.2440 area following the offered tone in the greenback that prevailed throughout the Asian session. Later on during the European morning, a rally in the US 10-year yields (surpassing the 2.0% level) gave extra legs to the greenback, pushing spot to the 1.2500 neighbourhood.
Absent data in Canada, the NFIB Business Optimism Index and Wholesale Inventories in the US economy will be the main releases today.
USD/CAD levels to consider
At the moment the pair is gaining 0.18% at 1.2489 with the next resistance at 1.2546 (high Feb.6) would aim for 1.2585 (high Feb.5) and finally 1.2591 (high Feb.4). On the other hand, a breach of 1.2428 (low Feb.9) would open the door to 1.2394 (low Feb.5) followed by 1.2390 (low Feb.4).
